Resources Connection, Inc. (NASDAQ:RGP) Shares Sold by Hancock Whitney Corp

Hancock Whitney Corp decreased its position in shares of Resources Connection, Inc. (NASDAQ:RGP) by 13.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,061 shares of the company’s stock after selling 3,875 shares during the period. Hancock Whitney Corp owned 0.07% of Resources Connection worth $266,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC increased its holdings in shares of Resources Connection by 66.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,554 shares of the company’s stock valued at $28,000 after acquiring an additional 1,019 shares during the period. Quarry LP purchased a new stake in shares of Resources Connection in the fourth quarter valued at about $39,000. CWM LLC boosted its stake in shares of Resources Connection by 883.5% during the second quarter. CWM LLC now owns 3,393 shares of the company’s stock worth $37,000 after buying an additional 3,048 shares during the period. Mather Group LLC. purchased a new position in shares of Resources Connection during the second quarter worth about $44,000. Finally, Allspring Global Investments Holdings LLC increased its position in Resources Connection by 972.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,504 shares of the company’s stock valued at $112,000 after acquiring an additional 7,711 shares during the period. Hedge funds and other institutional investors own 93.23% of the company’s stock.

Resources Connection Stock Performance

Resources Connection stock opened at $9.59 on Tuesday. The company has a market cap of $324.21 million, a P/E ratio of 14.53, a price-to-earnings-growth ratio of 1.49 and a beta of 0.65. Resources Connection, Inc. has a one year low of $9.44 and a one year high of $15.44. The business has a fifty day moving average of $10.45 and a two-hundred day moving average of $11.13.

Resources Connection (NASDAQ:RGP) last issued its earnings results on Thursday, July 18th. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.18. Resources Connection had a net margin of 3.32% and a return on equity of 6.19%. The company had revenue of $148.20 million for the quarter, compared to analyst estimates of $140.59 million. During the same period in the prior year, the business posted $0.39 earnings per share. The firm’s revenue for the quarter was down 19.7% compared to the same quarter last year. Sell-side analysts predict that Resources Connection, Inc. will post 0.45 EPS for the current year.

Resources Connection Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, August 23rd were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 5.84%. The ex-dividend date of this dividend was Friday, August 23rd. Resources Connection’s payout ratio is currently 84.85%.

Insider Buying and Selling

In other news, CFO Jennifer Y. Ryu sold 11,650 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $11.25, for a total value of $131,062.50. Following the completion of the transaction, the chief financial officer now owns 84,481 shares in the company, valued at $950,411.25. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, CFO Jennifer Y. Ryu sold 11,650 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $11.25, for a total value of $131,062.50. Following the sale, the chief financial officer now directly owns 84,481 shares in the company, valued at $950,411.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Roger D. Carlile acquired 25,000 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were acquired at an average cost of $11.25 per share, with a total value of $281,250.00. Following the completion of the purchase, the director now owns 25,000 shares in the company, valued at $281,250. The disclosure for this purchase can be found here. 7.36% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on RGP shares. StockNews.com downgraded Resources Connection from a “buy” rating to a “hold” rating in a research note on Saturday, July 27th. JPMorgan Chase & Co. cut their price objective on shares of Resources Connection from $12.00 to $11.00 and set an “underweight” rating for the company in a research report on Tuesday, July 23rd. Finally, Noble Financial assumed coverage on shares of Resources Connection in a report on Wednesday, May 29th. They issued an “outperform” rating and a $15.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Resources Connection has an average rating of “Hold” and an average price target of $13.00.

About Resources Connection

Resources Connection, Inc provides consulting services to business customers under the Resources Global Professionals name in North America, Europe, and the Asia Pacific. The company offers services in the areas of transactions, including integration and divestitures, bankruptcy/restructuring, going public readiness and support, financial process optimization, and system implementation; and regulations, such as accounting regulations, internal audit and compliance, data privacy and security, healthcare compliance, and regulatory compliance.